FreeBalance® Accountability Suite
FreeBalance Assets
The FreeBalance Assets module provides management of public assets and real-time information on purchases, asset sales, maintenance, operation, and disposal of assets. FreeBalance Assets supports fixed asset accounting, depreciation and inventory stores, consistent with the move to accrual accounting. It enables governments to accurately manage a wide range of variables, including renewal of service contracts, insurance policies, warranty periods, software licensing and services rendered.
FreeBalance Assets Highlights
- Monitoring - FreeBalance Assets monitors (audits) modifications to asset records and manages asset items in accordance with service contracts, insurance policies, guarantee periods, software licensing or services equipment. The module provides automatic item depreciation calculations and support for optical bar code readers.
- Value of Public Assets - FreeBalance Assets helps governments identify the true value of public assets, a requirement for transitioning to accrual accounting.
- Templates - data entry is simplified with customizable templates and tables.
- Inventory (Optional) - an optional inventory component is also available.
The FreeBalance Assets module can be added and integrated with FreeBalance Financials during any stage of the IFMIS implementation process.
Supported Standards
The World Bank Treasury Reference Model (TRM), the IMF Code of Good Practices on Fiscal Transparency, United Nations Common Functions of Government (COFOG), IMF Government Finance Statistics (GFS), International Federation of Accountants International Public Sector Accounting Standards Board International Public Sector Accounting Standards (IPSASs), Medium Term Expenditure Frameworks (MTEF), and Generally Accepted Accounting Principles (GAAP).
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